DETROIT, Jan 13 (Reuters) - Ford Motor Co told employees in an internal memo that there would be no merit pay increases in 2011, the Detroit Free Press reported on Thursday, citing an internal memo.
According to the newspaper, the memo said Ford conducts an annual review of compensation and benefits, ranking it against other companies.
'In our most recent review of our compensation against these benchmark companies, Ford and Ford Credit base salaries in the U.S. and Canada were found to be competitive. Consequently, we are announcing there will be no 2011 merit pay increases for salaried employees in the U.S. and Canada,' the memo said.
According to the newspaper report, the memo said salaried employees should expect bonuses in March.
A Ford spokesman did not return calls seeking comment.
(Reporting by Deepa Seetharaman) Keywords: FORD/ (deepa.seetharaman@thomsonreuters.com; +1 313 967 1910; Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
According to the newspaper, the memo said Ford conducts an annual review of compensation and benefits, ranking it against other companies.
'In our most recent review of our compensation against these benchmark companies, Ford and Ford Credit base salaries in the U.S. and Canada were found to be competitive. Consequently, we are announcing there will be no 2011 merit pay increases for salaried employees in the U.S. and Canada,' the memo said.
According to the newspaper report, the memo said salaried employees should expect bonuses in March.
A Ford spokesman did not return calls seeking comment.
(Reporting by Deepa Seetharaman) Keywords: FORD/ (deepa.seetharaman@thomsonreuters.com; +1 313 967 1910; Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.